All of the Committee members are Independent Non-Executive Directors and have no personal or financial interests, other than as shareholders, in the matters considered by the Committee.

The Audit Committee has formal terms of reference which set out its duties delegated by the Board.

During the last financial year the Committee met three times. Neither the Executive Directors nor the Chairman attend meetings other than by invitation of the Committee members. The Committee invites the auditor to attend certain meetings.

The Committee is authorised by the Board to obtain external professional advice at the Group’s expense in order to perform its duties.

The main function of the Audit Committee is to assist the Board in fulfilling its oversight responsibilities. Its principal duties are to:

Make recommendations to the Board on the appointment, re-appointment or removal of the external auditor and the amount of their remuneration

Discuss and agree the scope of the audit and review the auditor’s management letter and the Group’s response

Review and agree the scope and work of the Group’s internal audit activities